Defaulter road developers case: NHAI set to attend meet for talks on barred-from-bidding companies Posted on 11th November 2017 |
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| The National Highways Authority of India (NHAI) is set to hold a meeting of its executive committee on November 16 to discuss the way forward in the matter of road developers that have been listed as defaulters and barred from bidding for further projects. According to sources, the NHAI is expected to invite the National Highways Builders Federation (NHBF) for the meeting to give them the opportunity to discuss the grievances of their members. The NHBF counts over a 100 engineering, procurement and construction (EPC) companies and toll-road developers among its members, including leading companies such as L&T, HCC, IL&FS Transportation, GVK Power & Infrastructure, GMR Highways and IRB Infrastructure Developers. The companies blacklisted by the NHAI include L&T, HCC, Essel Infraprojects, Soma Enterprise, Progressive Constructions, Madhucon Toll Highways and JKM Infra Projects, among others. On November 9, Union minister Nitin Gadkari asked NHAI not to scrap the projects of these companies till completion of their review process. Gadkari also asked the NHAI to debar any defaulting developer only after the completion of any legal proceedings. Earlier, on November 2, NHBF had written to NHAI chairman Deepak Kumar, placing on record their request to the authority to remove the list of debarred contractors that NHAI had published on its website. The letter also said, “You may take appropriate action as stipulated in concession/EPC agreements, short of debarring them from participating in future bids in larger public interest.” NHAI subsequently removed the list from the website but the industry has condemned the unilateral action with the affected developers also issuing statements terming NHAI’s move as premature, especially since the cases of alleged termination were already undergoing an adjudication or conciliation process. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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